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Authors : 1. Alla Yu. Baranova,
PhD (Economics), Associate Professor of the Chair of Finance, Credit and World Economy
Sochi State University
Institutional traps in the hospitality industry financing (by the example of Krasnodar region)
Objective: to determine and classify the institutional traps in financing the hospitality industry in Russia.
Methods: abstract-logical, generalization and observation.
Results: basing on the analysis of statistics and regional program of tourism development in Krasnodar region, the challenges and obstacles were identified to the development and improvement of tourist services quality. The research result is the identification and systematization of institutional traps in the financing of tourism, expressed in the increased public support of the sector. In particular, a significant proportion of tourist-recreational sector funding is still taken from the budget, though the specific weight of profitable health resort organizations amounted to 60 % over the past three years. In the process of research, the author formulated a general concept of the institutional structure of the hospitality industry in Russia and the model of the sector financing through a system of incentives and benefits for vacationers, forming the tourist clusters, and forming a mechanism of dialogue between the authorities and representatives of tourist business.
Scientific novelty: the institutional traps are defined and systematized, which are formed in the system of tourism financing; measures to overcome them are proposed.
Practical significance: the proposed recommendations can be used by the entities of the hospitality industry to enhance business activities, and by authorities to implement tasks outlined in the state programs.
Keywords :
Finances, currency and credit; Hospitality industry; Institutional traps; Financial mechanism
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Citation :
Baranova A. Yu. Institutional traps in the hospitality industry financing (by the example of Krasnodar region), Actual Problems of Economics and Law, 2016, vol. 10, No. 3, pp. 55–68. DOI: http://dx.doi.org/10.21202/1993-047X.10.2016.3.55-68
Type of article : The scientific article
Date of receipt of the article :
10.01.2016
Date of adoption of the print :
11.04.2016
Date of online accommodation :
20.09.2016
